← SOUTHWEST AIRLINES CO

Annual Trend FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 TTM
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by operating activities:
Net Income (Loss) Attributable to Parent $2.2b
$3.5b +55.44%
$2.5b -29.33%
$2.3b -6.69%
($3.1b) -233.65%
$977.0m +131.78%
$539.0m -44.83%
$465.0m -13.73%
$465.0m 0.00%
$441.0m -5.16%
—
Net Income (Loss) Available to Common Stockholders, Basic $2.2b
$3.5b +55.44%
$2.5b -29.33%
$2.3b -6.69%
($3.1b) -233.65%
$977.0m +131.78%
($3.1b) -414.64%
$484.0m +115.74%
$485.0m +0.21%
$442.0m -8.87%
—
Amortization of Debt Issuance Costs — — — — $5.0m — — — — — —
Amortization of Intangible Assets $17.0m $13.0m $16.0m $15.0m — — — — — — —
Capitalized Computer Software, Amortization $111.0m $168.0m $155.0m $177.0m $203.0m $213.0m $232.0m $246.0m $271.0m $318.0m —
Depreciation Amortization Depletion — — — — — — $1.4b $1.5b $1.7b $1.6b $1.6b
Depreciation and amortization $1.2b $1.2b $1.2b $1.2b $1.3b $1.3b $1.4b $1.5b $1.7b $1.6b $1.6b
Depreciation, Depletion and Amortization, Nonproduction $1.2b $1.2b $1.2b $1.2b $1.3b $1.3b $1.4b $1.5b $1.7b $1.6b $1.6b
Deferred Income Tax $456.0m $1.2b $301.0m $55.0m $716.0m $20.0m $228.0m $159.0m $132.0m $122.0m $216.0m
Deferred Other Tax Expense (Benefit) — — — — ($51.0m) $21.0m — — — — —
Deferred Tax — — — — — — $228.0m $159.0m $132.0m $122.0m $216.0m
Deferred income taxes $455.0m ($1.2b) ($301.0m) ($55.0m) ($716.0m) ($21.0m) $228.0m $159.0m $132.0m $122.0m $216.0m
Share-based Payment Arrangement, Expense $33.0m $37.0m $46.0m $55.0m $17.0m $58.0m $84.0m $86.0m $45.0m $99.0m —
Asset Impairment Charge — — — — — — $35.0m $0 $0 $8.0m $0
Gain (Loss) on Sale of Assets and Asset Impairment Charges — — — — ($32.0m) ($12.0m) ($35.0m) $0 $0 ($8.0m) —
Goodwill, Impairment Loss — — — — $0 — — — — — $0
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) $21.0m $0 $0 — $0 — — — — — —
Impairment of long-lived assets — — $0 $0 $32.0m $12.0m $35.0m $0 $0 $8.0m —
Nonoperating Income (Expense) ($213.0m) ($264.0m) ($42.0m) $0 ($440.0m) ($396.0m) ($289.0m) $409.0m $277.0m $135.0m —
Other Nonoperating Income (Expense) ($162.0m) ($234.0m) ($18.0m) ($8.0m) ($158.0m) $22.0m ($12.0m) $62.0m ($4.0m) $43.0m —
Changes in operating assets and liabilities:
Change In Working Capital — — — — — — $1.5b $1.2b ($1.6b) ($413.0m) ($52.0m)
Accounts and other receivables ($50.0m) ($102.0m) $117.0m ($94.0m) ($294.0m) ($701.0m) $422.0m ($89.0m) $19.0m $51.0m —
Change In Receivables — — — — — — $422.0m ($89.0m) $19.0m $51.0m ($151.0m)
Accounts payable and accrued liabilities $226.0m $246.0m $545.0m $298.0m $231.0m $38.0m $936.0m $1.4b ($1.4b) $218.0m —
Change In Payables And Accrued Expense — — — — — — $936.0m $1.4b ($1.4b) $218.0m $382.0m
Change In Other Current Assets — — — — — — ($66.0m) $60.0m ($8.0m) $407.0m ($65.0m)
Change In Other Current Liabilities — — — — — — ($334.0m) ($137.0m) ($197.0m) ($11.0m) ($106.0m)
Increase (Decrease) in Other Operating Assets $119.0m $262.0m $227.0m ($239.0m) ($415.0m) ($75.0m) $66.0m ($60.0m) $8.0m ($407.0m) —
Other assets ($119.0m) ($262.0m) ($227.0m) $239.0m $415.0m $75.0m ($66.0m) $60.0m ($8.0m) $407.0m —
Other liabilities — $0 $0 ($277.0m) ($306.0m) ($103.0m) ($334.0m) ($137.0m) ($197.0m) ($11.0m) —
Net Cash Provided by (Used in) Operating Activities $4.3b
$3.9b -8.48%
$4.9b +24.54%
$4.0b -18.52%
($1.1b) -128.27%
$2.3b +306.03%
$3.8b +63.22%
$3.2b -16.52%
$462.0m -85.40%
$1.8b +298.70%
$2.5b +37.24%
Cash flows from investing activities:
Capital Expenditure ($2.0b) ($2.1b) ($1.9b) ($1.0b) ($515.0m) ($505.0m) ($3.9b) ($3.5b) ($2.1b) ($2.7b) ($2.9b)
Proceeds from sales of short-term and other investments $2.3b $2.2b $2.3b $2.4b $4.3b $5.1b $5.8b $7.6b $6.0b $1.7b —
Purchases of short-term investments ($2.4b) ($2.4b) ($2.4b) ($2.1b) ($5.1b) ($5.8b) ($5.6b) ($7.0b) ($5.0b) ($470.0m) —
Unrealized Gain (Loss) on Investments — — — — — — ($4.0m) $4.0m $0 — $0
Net Other Investing Changes — — — — — — — ($33.0m) ($59.0m) ($3.0m) ($6.0m)
Payments for (Proceeds from) Other Investing Activities $0 $0 ($5.0m) $0 $0 — — — — — —
Net Cash Provided by (Used in) Investing Activities ($2.3b) ($2.4b) ($2.0b) ($303.0m) ($16.0m) ($1.3b) ($3.7b) ($2.9b) ($261.0m) ($1.4b) ($2.2b)
Cash flows from financing activities:
Gain (Loss) on Extinguishment of Debt — — — — — — ($193.0m) $0 ($2.0m) — —
Issuance Of Debt — — — — — — $0 $0 $0 $1.5b $3.0b
Long Term Debt Issuance — — — — — — $0 $0 $0 $1.5b $3.0b
Long Term Debt Payments — — — — — — ($3.1b) ($85.0m) ($1.3b) ($3.3b) ($1.1b)
Net Issuance Payments Of Debt — — — — — — ($3.1b) ($85.0m) ($1.3b) ($1.8b) $1.9b
Net Long Term Debt Issuance — — — — — — ($3.1b) ($85.0m) ($1.3b) ($1.8b) $1.9b
Net Short Term Debt Issuance — — — — — $0 $0 — — — $0
Payments of long-term debt and finance lease obligations — ($592.0m) ($342.0m) ($615.0m) ($839.0m) ($612.0m) ($2.4b) ($85.0m) ($1.3b) ($3.3b) —
Proceeds from issuance of long-term debt $515.0m $600.0m $0 $0 $5.6b $0 $0 $0 $0 $1.5b $3.0b
Repayment Of Debt — — — — — — ($3.1b) ($85.0m) ($1.3b) ($3.3b) ($1.1b)
Short Term Debt Payments — — — — — $0 $0 — — — $0
Common Stock Dividend Paid — — — — — — $0 ($428.0m) ($430.0m) ($399.0m) ($370.0m)
Common Stock Issuance — — — — — $0 $0 $0 ($250.0m) ($2.5b) $0
Common Stock Payments — — — — — — $0 $0 ($250.0m) ($2.5b) ($1.6b)
Issuance Of Capital Stock — — — — — $0 $0 — — — $0
Payments for Repurchase of Common Stock $1.8b $1.6b $2.0b $2.0b $451.0m $0 $0 $0 $250.0m $2.5b —
Payments of Ordinary Dividends, Common Stock $222.0m $274.0m $332.0m $372.0m $188.0m $0 $0 $428.0m $430.0m $399.0m ($370.0m)
Proceeds from Issuance of Common Stock — — — — $2.3b $0 $0 — — — $0
Repurchase Of Capital Stock — — — — — — $0 $0 ($250.0m) ($2.5b) ($1.6b)
Repurchase of common stock ($1.8b) ($1.6b) ($2.0b) ($2.0b) ($451.0m) $0 $0 $0 ($250.0m) ($2.5b) —
Cash Dividends Paid — — — — — — $0 ($428.0m) ($430.0m) ($399.0m) ($370.0m)
Dividends Payable — — — — $0 — $107.0m $107.0m $107.0m $93.0m —
Payments of cash dividends ($222.0m) ($274.0m) $332.0m $372.0m ($188.0m) $0 $0 ($428.0m) ($430.0m) ($399.0m) —
Net Other Financing Charges — — — — — — $8.0m $29.0m ($17.0m) ($26.0m) ($62.0m)
Proceeds from (Payments for) Other Financing Activities ($3.0m) $15.0m $3.0m ($43.0m) $49.0m $77.0m $8.0m $6.0m ($17.0m) ($26.0m) —
Net Cash Provided by (Used in) Financing Activities ($1.9b)
($1.7b) +11.33%
($2.5b) -46.31%
($3.0b) -19.79%
$9.7b +423.01%
$359.0m -96.28%
($3.0b) -944.57%
($436.0m) +85.62%
($2.0b) -354.13%
($4.7b) -136.92%
($38.0m) +99.19%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect — — — — $8.5b $1.4b ($3.0b) ($204.0m) ($1.8b) ($4.3b) $3.8b
Beginning Cash Position — — — — — — $12.5b $9.5b $9.3b $7.5b $3.5b
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD $1.6b $1.7b $1.5b $1.9b $2.5b $12.5b $9.5b $9.3b $7.5b $3.2b
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents — — — — — $12.5b $9.5b $9.3b $7.5b $3.2b $3.8b
Additional Supplementary Disclosures
Additional Supplementary Disclosures
Additional Financial Items
Air traffic liability $125.0m $345.0m $506.0m $440.0m $1.6b $591.0m $525.0m $29.0m ($37.0m) ($1.1b) —
Cash Flow From Continuing Financing Activities — — — — — — ($3.0b) ($436.0m) ($2.0b) ($4.7b) ($38.0m)
Cash Flow From Continuing Investing Activities — — — — — — ($3.7b) ($2.9b) ($261.0m) ($1.4b) ($2.2b)
Cash collateral provided to derivative counterparties $535.0m $316.0m ($15.0m) $25.0m $9.0m $141.0m ($69.0m) ($56.0m) ($28.0m) ($22.0m) —
Change In Cash Supplemental As Reported — — — — — — ($3.0b) ($204.0m) ($1.8b) ($4.3b) —
Change In Other Working Capital — — — — — — $525.0m $29.0m ($37.0m) ($1.1b) ($112.0m)
Changes In Cash — — — — — — ($3.0b) ($204.0m) ($1.8b) ($4.3b) $316.0m
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement $0 — — $2.0m $0 $0 $2.0m $10.0m — — —
End Cash Position — — — — — — $9.5b $9.3b $7.5b $3.2b $3.8b
Financing Cash Flow — — — — — — ($3.0b)
($436.0m) +85.62%
($2.0b) -354.13%
($4.7b) -136.92%
($38.0m) +99.19%
Free Cash Flow — — — — — — ($156.0m) ($356.0m) ($1.6b) ($831.0m) ($406.0m)
Gain Loss On Investment Securities — — — — — ($15.0m) ($2.0m) — — ($8.0m) ($8.0m)
Gain Loss On Sale Of PPE — — — — — $0 $0 $0 ($92.0m) — ($95.0m)
Gain on sale-leaseback transactions — — $0 $0 ($222.0m) $0 $0 $0 ($92.0m) ($3.0m) —
Goodwill $970.0m $970.0m $970.0m $970.0m $970.0m $970.0m $970.0m $970.0m $970.0m $970.0m $0
Income Tax Expense (Benefit) $1.3b ($237.0m) $699.0m $657.0m ($1.2b) $348.0m $189.0m $168.0m $133.0m $122.0m —
Income Taxes Paid, Net — — — — — $445.0m $20.0m $18.0m $9.0m ($1.0m) —
Interest Expense Nonoperating — — — — — — — — $249.0m $167.0m —
Interest Paid, Excluding Capitalized Interest, Operating Activities $100.0m $81.0m $107.0m $88.0m $212.0m $336.0m $305.0m $228.0m $220.0m $108.0m —
Interest, net of amount capitalized $100.0m $81.0m $107.0m $88.0m $212.0m $336.0m $305.0m $228.0m $220.0m $108.0m —
Investing Cash Flow — — — — — — ($3.7b) ($2.9b) ($261.0m) ($1.4b) ($2.2b)
Investment Income, Interest $24.0m $35.0m $69.0m $90.0m $32.0m $13.0m $217.0m $583.0m $497.0m $205.0m —
NET CHANGE IN CASH AND CASH EQUIVALENTS $97.0m ($185.0m) $359.0m $694.0m $8.5b $1.4b ($3.0b) ($204.0m) ($1.8b) ($4.3b)
Net Investment Purchase And Sale — — — — — — $200.0m $621.0m $981.0m $1.2b $367.0m
Net PPE Purchase And Sale — — — — — — ($22.0m) $0 $871.0m $24.0m $399.0m
Operating Costs and Expenses — — — — $12.9b $14.1b $22.8b $25.9b $27.2b $27.6b —
Operating Expenses $16.7b $17.7b $18.8b $19.5b — — — — — — —
Operating Gains Losses — — — — — $13.0m $191.0m — ($90.0m) ($8.0m) ($95.0m)
Other Non Cash Items — — — — — — ($41.0m) ($231.0m) ($206.0m) $132.0m —
Other, net ($3.0m) $15.0m $3.0m ($43.0m) $49.0m $77.0m $8.0m $6.0m ($17.0m) ($26.0m) —
Payroll Support Program stock warrants repurchase — — — — — — $0 $0 ($6.0m) $0 —
Proceeds From Stock Option Exercised — — — — — — $45.0m $48.0m $54.0m $59.0m $58.0m
Proceeds from Employee stock plans $29.0m $29.0m $35.0m $40.0m $48.0m $51.0m $45.0m $48.0m $60.0m $59.0m —
Proceeds from sale-leaseback transactions — — $0 $0 $815.0m $0 $0 $0 $871.0m $24.0m —
Proceeds of terminated interest rate derivative instruments — — — — — $0 $0 $23.0m $0 $0 —
Purchase Of Investment — — — — — — ($5.6b) ($7.0b) ($5.0b) ($470.0m) ($100.0m)
Purchase Of PPE $2.0b $2.1b $1.9b $1.0b $515.0m ($6.0m) ($22.0m) ($33.0m) ($26.0m) $2.7b ($2.9b)
Right-of-use assets acquired or modified under operating leases — — — — $915.0m $327.0m $58.0m $82.0m $377.0m $48.0m —
Sale Of Investment — — — — — — $5.8b $7.6b $6.0b $1.7b $467.0m
Sale Of PPE — — — — — — $0 $0 $871.0m $24.0m $399.0m
Supplemental disclosure of cash flow information:
Unrealized Gain (Loss) on Derivatives ($200.0m) ($50.0m) ($14.0m) $0 ($15.0m) $15.0m $2.0m $0 $0 $8.0m —
Unrealized Gain Loss On Investment Securities — — — — — $0 $4.0m ($4.0m) $0 — $0
Unrealized mark-to-market adjustment on forward contract ($200.0m) ($50.0m) ($14.0m) $0 $15.0m ($15.0m) ($2.0m) $0 $0 ($8.0m) —

Amounts are shown in USD as reported in each fiscal year filing.

Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.